A Excellent Taxes - Part 1: Difference between revisions

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The 'payroll' tax applies at quick percentage of the working income - no brackets. Being an employee, fresh 6.2% of the working income for Social Security (only up to $106,800 income) and 1.45% of it for Medicare (no limit). Together they take even more 7.65% of one's income. There's no tax threshold (or tax free) associated with income in this system.

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